Repayment of a housing loan is connected with many obligations incumbent on the borrower. The loan under the “Loan and Credit” program imposes additional requirements, the non-fulfillment of which may even result in termination of the contract and the necessity to return the subsidies received.

When paying off a mortgage

When paying off a mortgage

Under the “Loan and Credit ” program, one should be very careful about housing movements that are carried out during the period of government funding. A few careless moves may result in the loss of support or even a refund of the difference in the monthly installments overpaid by the bank.

The law regulating the principles of government support clearly defines the situations in which the payment of subsidies ceases. One of them is the acquisition of a right to another residential property. In practice, it means that you cannot buy or receive another apartment or house as a donation during the period of receiving additional payments (8 years). The exception is the acquisition of real estate by inheritance. We will also lose additional payments if the purpose of the financed property changes.

The “Loan and Credit” loan is intended to meet your own housing needs, so renting this property will also result in the suspension of further payments. At the same time, in the above situations, the borrower is obliged to notify the bank of the changes within 14 days.

Then the bank suspends the payment

Then the bank suspends the payment

Of further payments and the client pays the full principal and interest installment. However, exceeding this deadline has much more restrictive effects. Failure to notify the purchase of another property or change the way it is used in due time results in termination of the loan agreement.

In practice, this means the need to immediately repay the entire loan and return the subsidies paid so far. These changes have been introduced from August 31, 2011, but it is worth remembering these restrictions, because they apply to all who took out the loan “Family on their own” regardless of the date of signing the loan agreement.